Maryland Code, REAL PROPERTY 3-104.1
Terms Used In Maryland Code, REAL PROPERTY 3-104.1
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- including: means includes or including by way of illustration and not by way of limitation. See
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) When recorded, a mortgage, deed of trust, or any other instrument securing a mortgage loan on residential property shall contain:
(1) (i) The name and Maryland mortgage originator license number of the mortgage originator that originated the loan secured by the instrument; or
(ii) An affidavit by the person that originated the mortgage loan secured by the instrument that the individual who originated the loan is exempt from the licensing requirement under Title 11, Subtitle 6 of the Financial Institutions Article; and
(2) (i) The name and Maryland mortgage lender license number of the mortgage lender that made the loan secured by the instrument; or
(ii) An affidavit by the lender that made the mortgage loan secured by the instrument that the lender is exempt from the licensing requirement under Title 11, Subtitle 5 of the Financial Institutions Article.
(c) The Commissioner of Financial Regulation shall adopt regulations to implement the provisions of this section, including:
(1) Minimum requirements for the inclusion of licensing information when a mortgage, deed of trust, or other instrument securing a mortgage loan on residential property is recorded; and
(2) Consequences, including penalties, for the failure to include licensing information when a mortgage, deed of trust, or other instrument securing a mortgage loan on residential property is recorded.